Palm Jumeirah Q2 2024 Market Report Sales Transactions

Detailed Market Report : Palm Jumeirah Real Estate Secondary Properties

Q2 2024

Executive Summary:

The Palm Jumeirah real estate market exhibited notable activity in the second quarter of 2024, maintaining robust transaction volumes across luxury apartments and villas. This report consolidates the findings from Q2 2024, providing a comprehensive overview of the current market trends, investment opportunities, and future outlook for one of Dubai's most prestigious locales.

Market Overview:

In Q2 2024, Palm Jumeirah recorded a total of 310 real estate transactions, accumulating a sales volume of AED 2.70 billion. This performance shows a slight increase in transaction volume compared to the first quarter, indicating sustained interest in luxury property transactions.

Sales Performance:

• Volume of Sales: 310 transactions
• Total Value of Transactions: AED 2.70 billion
• Median Transaction Size: 1,780 sqft

Price Dynamics:

• Minimum Price per Sqft: AED 30.00
• Median Price per Sqft: AED 2,250
• Maximum Price per Sqft: AED 18,500

Notable Sales:

• The highest-priced sale was a 15,000 sqft villa sold on Frond G for AED 130 million (AED 18,333 per sqft on BUA).
• The highest price per sqft recorded was AED 18,500 in Signature Villas.

Development Insights:

• Anantara Residences: Continued strong performance with transactions reaching up to AED 4,300,000 for a 2-bedroom apartment.
• One at Palm Jumeirah: A 3-bedroom apartment sold for AED 26,000,000, and a 4-bedroom unit for AED 47,000,000, showcasing the sustained high-end market appeal.
• Garden Homes and Royal Atlantis Residences: Represented the ultra-luxury segment with transactions up to AED 50 million.

Comparative Analysis (Q2 2024 vs. Q1 2024):

• An increase in the number of transactions from 302 to 310.
• A slight increase in total transaction value from AED 2.61 billion to AED 2.70 billion.
• Noteworthy increases in both the minimum and maximum prices per sqft, reflecting continued demand for premium properties.

Brokerage Perspective:

Our analysis confirms sustained demand and robust investment in high-value transactions. The increase in both the minimum and maximum price per sqft indicates a healthy market with opportunities for buyers seeking value and sellers aiming for premium pricing. Moving forward, our strategic focus will concentrate on leveraging these trends to facilitate both investment and residential purchases.

Conclusion for Secondary Market:

The second quarter of 2024 has continued the promising trend set in the first quarter for the Palm Jumeirah real estate market. With a notable shift towards luxury investments and the stability of median prices, our brokerage remains optimistic about potential growth and continued investor interest. Engaging with these market dynamics, we are well-positioned to capitalize on high-value transactions and cater to the upscale market segment expected to drive the market forward.

Palm Jumeirah Off-Plan Sales Market Report Q2 2024

Executive Summary:

The Palm Jumeirah real estate market has demonstrated significant activity in the off-plan sector during the second quarter of 2024. This report provides a comprehensive analysis of the transactions, highlighting trends in sales volume, value, and pricing across different developments and property types. Additionally, a comparison with the previous quarter (Q1 2024) is provided to assess market dynamics.

Q2 2024 Key Statistics:

• Minimum Price per Sqft: AED 1,300
• Median Price per Sqft: AED 5,500
• Maximum Price per Sqft: AED 9,500
• Number of Transactions: 105
• Total Value of Transactions: AED 2.45 billion
• Median Transaction Size: 2,950 sqft

Detailed Analysis by Development:

1. Armani Beach Residences at Palm Jumeirah:

• Number of Transactions: 9
• Average Price per Sqft: AED 8,000
• Highlight Transaction: 3-bedroom, 3,400 sqft at AED 27,200,000

1. Ocean House:

• Number of Transactions: 13
• Average Price per Sqft: AED 5,300
• Highlight Transaction: 3-bedroom, 3,550 sqft at AED 18,600,000

1. Como Residences:

• Number of Transactions: 5
• Average Price per Sqft: AED 6,000
• Highlight Transaction: 9,400 sqft at AED 54,400,000

1. Palm Beach Tower 3:

• Number of Transactions: 4
• Average Price per Sqft: AED 3,700
• Highlight Transaction: 1-bedroom, 1,180 sqft at AED 4,300,000

1. SLS at Palm Jumeirah:

• Number of Transactions: 17
• Average Price per Sqft: AED 5,500
• Highlight Transaction: 4-bedroom, 4,300 sqft at AED 26,500,000

Property Type Breakdown:

• Apartments: 98 Transactions
• Villas: 1 Transaction
• Plots: 6 Transactions

Comparative Analysis: Q2 2024 vs. Q1 2024:

• Volume of Sales: Increased from 99 to 105 transactions
• Minimum Price per Sqft: Increased from AED 1,233 to AED 1,300
• Maximum Price per Sqft: Increased from AED 9,204 to AED 9,500
• Median Price per Sqft: Increased from AED 5,364 to AED 5,500
• Total Value of Transactions: Increased from AED 2.30 billion to AED 2.45 billion
• Transaction Median Size: Increased from 2,926 sqft to 2,950 sqft
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Brokerage Perspective: From our brokerage’s perspective, Q2 2024 shows a promising trend towards high-value transactions despite a modest increase in overall sales volume. The increase in the median transaction size and price per sqft indicates robust demand for premium property offerings. We anticipate continued interest in luxury and exclusive property investments, underpinning strong investor confidence in Palm Jumeirah's premium segments.

Conclusion for Off-Plan Sales: The Palm Jumeirah off-plan market in Q2 2024 has adjusted with a focus on higher-value transactions rather than volume, reflecting a strategic shift towards more luxury-oriented offerings. As we navigate Q3, our brokerage will continue to focus on leveraging these trends to optimize investment opportunities and client advisement in this dynamic market.

Combined Market Report: Ready Properties and Off-Plan Sales Q2 2024

Key Combined Metrics for Q2 2024:

• Total Transactions: 415 (310 ready property transactions + 105 off-plan transactions)
• Combined Total Value of Transactions: AED 5.15 billion (AED 2.70 billion from ready properties + AED 2.45 billion from off-plan sales)
• Median Price per Sqft:
• Ready Properties: AED 2,250
• Off-Plan: AED 5,500
• Minimum Price per Sqft:
• Ready Properties: AED 30.00
• Off-Plan: AED 1,300
• Maximum Price per Sqft:
• Ready Properties: AED 18,500
• Off-Plan: AED 9,500

Analysis of Trends and Performance:

1. Sales Volume:

• There has been a balanced increase in the number of transactions between ready properties and off-plan sales, with both segments contributing significantly to the overall market activity. This suggests sustained liquidity and interest in both ready and off-plan markets.

1. Transaction Values:

• The total value of transactions for both ready properties and off-plan sales increased, indicating a higher average transaction value per property. This could be due to the premium prices commanded by luxury properties in both segments.

1. Price Per Square Foot:

• The median price per sqft for off-plan properties remains significantly higher than that of ready properties, reflecting the premium for new developments. The increase in maximum price per sqft for ready properties shows continued high demand for top-tier luxury properties.

1. Market Sentiment:

• The higher median price per sqft in the off-plan sector suggests strong investor confidence in the long-term potential of new developments in Palm Jumeirah. Meanwhile, the robust activity in the ready property sector underscores steady demand for properties that can be immediately utilized or rented out.

Detailed Analysis of Villa Sales in Q1 2024 vs Q2 2024

Q1 2024 Villa Sales Overview:

Key Metrics:

• Total Transactions: 30
• Total Value: AED 1,240,000,000
• Median Transaction Size: 5,000 sqft
• Median Price per Sqft: AED 6,500
• Highest Sale Price: AED 128,450,000 (Frond F, 7,000 sqft, AED 18,350 per sqft)
• Lowest Sale Price: AED 8,750,000 (Canal Cove Villas, 4,100 sqft, AED 2,134 per sqft)

Q2 2024 Villa Sales Overview:

Key Metrics:

• Total Transactions: 35
• Total Value: AED 1,435,400,000
• Median Transaction Size: 5,081 sqft
• Median Price per Sqft: AED 6,339.9
• Highest Sale Price: AED 126,500,000 (Frond G, 7,000 sqft, AED 18,071 per sqft)
• Lowest Sale Price: AED 7,490,355 (Garden Homes Frond M, 1,250 sqft, AED 5,992.1 per sqft)

Comparison between Q1 2024 and Q2 2024:

Volume of Sales:

• Increase in transactions: From 30 to 35 transactions.

Total Value of Sales:

• Increase in total value: From AED 1,240,000,000 to AED 1,435,400,000.

Median Transaction Size:

• Slight increase in size: From 5,000 sqft to 5,081 sqft.

Median Price per Sqft:

• Slight decrease in price: From AED 6,500 to AED 6,339.9.

Highest Sale Price:

• Slight decrease: From AED 128,450,000 to AED 126,500,000.

Lowest Sale Price:

• Decrease: From AED 8,750,000 to AED 7,490,355.

Top Villa Transactions in Q2 2024:

1. Frond G,:

• Date: 28/05/2024
• Size: 7,000 sqft
• Sale Price: AED 126,500,000
• Price per Sqft: AED 18,071.3

1. Garden Homes Frond L :

• Date: 24/06/2024
• Size: 5,000 sqft
• Sale Price: AED 56,000,000
• Price per Sqft: AED 11,199.8

1. Garden Homes Frond N:

• Date: 29/05/2024
• Size: 5,081 sqft
• Sale Price: AED 45,000,000
• Price per Sqft: AED 8,857.0

1. Garden Homes Frond M:

• Date: 22/03/2024
• Size: 5,000 sqft
• Sale Price: AED 49,000,000
• Price per Sqft: AED 9,799.8

Analysis:

Sales Volume and Value:

• The increase in both the volume of transactions and the total value of sales in Q2 2024 compared to Q1 2024 indicates a growing demand for villa properties in Palm Jumeirah.

Transaction Sizes and Prices:

• While the median transaction size slightly increased, the median price per sqft saw a small decrease, suggesting a more competitive market with varied price points.

High-Value Transactions:

• The highest sale prices in both quarters remained in a similar range, indicating consistent demand for premium villas.

Notable Trends:

• The presence of extremely high-value transactions (e.g., above AED 100 million) in both quarters highlights the luxury segment's resilience and continuous appeal in Palm Jumeirah.

This detailed analysis of villa sales in Palm Jumeirah provides valuable insights into the market dynamics between Q1 2024 and Q2 2024, showcasing trends, growth, and significant transactions that define the real estate landscape in this prestigious area.

Detailed Analysis of Sales in Atlantis The Royal between Q1 2024 and Q2 2024

Overview: The real estate market in Atlantis The Royal Residences displayed notable activity in both Q1 2024 and Q2 2024. Below is a detailed analysis comparing the two quarters, including a highlight of the top 5 transactions in Q2 2024.

Sales Performance:

• Total Transactions:
• Q1 2024: 7 transactions
• Q2 2024: 6 transactions
• Total Value of Transactions:
• Q1 2024: AED 162,707,000
• Q2 2024: AED 156,050,000
• Median Price per Sqft:
• Q1 2024: AED 9,404.7
• Q2 2024: AED 9,168.6

Top 5 Transactions in Q2 2024:

1. Unit 19th floor | 4 Bed

• Date: 22/04/2024
• Size: 5,477 sqft
• Amount: AED 61,000,000
• AED/Sqft: 11,138.5

1. Unit 23rd floor | 3 Bed

• Date: 23/04/2024
• Size: 3,436 sqft
• Amount: AED 31,500,000
• AED/Sqft: 9,168.6

1. Unit 28th floor| 2 Bed

• Date: 09/05/2024
• Size: 2,214 sqft
• Amount: AED 25,750,000
• AED/Sqft: 11,630.9

1. Unit 6th floor | 2 Bed

• Size 1,914 Sqft
• Amount: AED 16,800,000
• AED/Sqft: 8,779.7

1. Unit 7th floor | 2 Bed

• Date: 08/05/2024
• Size: 2,730 sqft
• Amount: AED 16,750,000
• AED/Sqft: 6,134.6

Conclusion:

The data indicates a robust market for Atlantis The Royal Residences in both quarters, with Q2 2024 showing a slight decrease in the total number of transactions but maintaining a high value per transaction. The top transactions in Q2 2024 highlight the continued demand for high-end, luxurious properties in this prestigious location. The median price per sqft remained strong, reflecting the premium nature of the properties within Atlantis The Royal Residences. 

Detailed Analysis of Sales for One at Palm Jumeirah Between Q1 2024 and Q2 2024

Overview: The real estate market for One at Palm Jumeirah has shown strong performance in both Q1 2024 and Q2 2024. The transactions data indicates a consistent demand for high-end luxury apartments. Below is a detailed comparison of the two quarters and a highlight of the top 5 transactions in Q2 2024.

Sales Performance:

• Total Transactions:
• Q1 2024: 4 transactions
• Q2 2024: 3 transactions
• Total Value of Transactions:
• Q1 2024: AED 138,800,000
• Q2 2024: AED 92,500,000
• Median Price per Sqft:
• Q1 2024: AED 6,833.1
• Q2 2024: AED 6,278.5

Detailed Transactions Analysis:

Top 3 Transactions in Q2 2024:

1. Unit 9th floor | 3 bed

• Date: 08/05/2024
• Size: 3,541 sqft
• Amount: AED 34,000,000
• AED/Sqft: 9,600.8
• Balcony Area: 463 sqft

1. Unit 6th floor | 4 Bed

• Date: 21/05/2024
• Size: 6,252 sqft
• Amount: AED 33,000,000
• AED/Sqft: 5,278.1
• Balcony Area: 1,773 sqft

1. Unit 9th floor | 3 Bed

• Date: 25/03/2024
• Size: 3,688 sqft
• Amount: AED 25,500,000
• AED/Sqft: 6,914.0
• Balcony Area: 610 sqft

Conclusion:

The data shows that One at Palm Jumeirah continues to attract high-value transactions, with a significant number of sales occurring in both Q1 and Q2 2024. The total transaction value decreased slightly in Q2 2024 compared to Q1 2024, but the average price per sqft remained high, indicating sustained demand for these luxury properties. The top transactions highlight the high-end nature of the market, with substantial amounts being paid for large, well-appointed apartments.

Detailed Analysis of Sales for W Residences Palm Between Q1 2024 and Q2 2024

Overview: The sales data for W Residences at Palm Jumeirah indicate steady market performance in the first half of 2024.

Sales Performance:

• Total Transactions:
• Q1 2024: 2 transactions
• Q2 2024: 0 transactions
• Total Value of Transactions:
• Q1 2024: AED 72,000,000
• Q2 2024: n/a
• Median Price per Sqft:
• Q1 2024: AED 4,989.1
• Q2 2024: n/a

Detailed Transactions Analysis:

H1 2024 Transactions:

1. 14/03/2024 - Building 8-2nd floor:

• Size: 7,888 sqft
• Amount: AED 40,000,000
• AED/Sqft: 5,070.7
• Balcony Area: 822 sqft

1. 15/01/2024 - Building 3-5th floor:

• Size: 6,521 sqft
• Amount: AED 32,000,000
• AED/Sqft: 4,907.5
• Balcony Area: 750 sqft

Conclusion:

The data for H1 2024 shows significant high-value transactions in W Residences at Palm Jumeirah, with prices per square foot reflecting the luxury market segment. The absence of any transactrions in Q2 prevents a complete analysis for the second quarter. However, the transactions in Q1 2024 demonstrate robust demand for large, premium apartments in this exclusive development.

This report is prepared for distribution to our clients to aid in informed decision-making regarding investment opportunities in Palm Jumeirah. For further details or specific inquiries, please contact our brokerage team.

Data has been sourced form Reidin Insights.